You are here

Tehran Seven-Month Home Sales Increase

The number of residential deals in Tehran has increased during the first seven months of the current Iranian year to Oct. 22, indicating a pre-boom phase in the embattled housing sector, the latest official data released by the Central Bank of Iran showed.

From March 21 to Oct. 22, the number of home sales reached 99,000, showing a 6.3% increase compared with the same period of last year. The number of deals stood just north of 93,000 last year while a total of 83,549 residential units were sold in the same period of the previous year.

In the seven months to Oct. 22, the average price for each square meter of residential unit also experienced a near identical increase of 6.5%, reaching 46.1 million rials ($1,152).

A look at the way purchased residential units were distributed based on price per square meter shows that in the seventh month of the current year (Sept. 23-Oct. 22), residential units with a price range of 30 million rials ($750) to 35 million rials ($875) per square meter held a 10.9% share in Tehran.

Price ranges immediately below and above the aforementioned range i.e. 25 million rials ($625) to 30 million rials and 35 million rials to 40 million rials ($1,000) per square meter respectively ranked second and third while 57.2% of all residential units were sold at a price lower than the average per square meter price in Tehran–47.9 million rials ($1,197).

CBI data show that residential units with an area of 60-70 square meters were the most widely transacted homes by taking up a 15.3% share of the market while units with an area of 50-60 and 70-80 square meters were second and third respectively with a 13.2% and 13.1% share.

All-in-all, residential units with an area of lower than 80 square meters took up the lion's share of the housing deals in the capital with 50.9%.